Hana Financial Group said on Wednesday it will build a won-based stablecoin partnership to lead the digital asset ecosystem and expand cooperation with global digital asset firms.

To that end, Hana Card will work with affiliates of Circle Internet Group, Inc. (NYSE: CRCL), the issuer of the global stablecoin USDC, and with global digital asset firm Crypto.com, based on the group’s global network. It will launch domestic payment marketing from this month targeting foreign visitors to South Korea.

As part of the joint marketing, Hana Card will run a cashback event for foreign customers who hold a Crypto.com Visa card and either hold USDC or have a history of topping up USDC. If they pay at domestic merchants, it will return 5 percent of the payment amount in CRO, the native token of the Cronos ecosystem.

Hana Card previously signed a strategic memorandum of understanding with Circle in December last year and agreed to pursue marketing to boost USDC payments and purchases based on the deal.

Hana Financial said it plans to strengthen links with the global digital asset ecosystem through groupwide cooperation and gradually expand touchpoints with South Korea’s payment infrastructure.

A Hana Financial official said the project is a process of confirming the potential for stablecoin-based payments and broadening cooperation with global digital asset companies. The official said Hana Financial Group will continue to pursue various use cases that consider the entire process from distribution to use after stablecoins are institutionalised.